-- Published: Sunday, 12 January 2014 | Print | Disqus
By Warren Bevan
What an amazing week. Biotech companies are starting to light up like some tech stocks in the late 90’s but they are still so cheap here, and moving huge!
Who knows what the future will bring but when stocks move, my job is to identify them and understand their behaviour quickly and capitalize on it.
So far it’s a stunning start to 2014 even while markets are not moving too much to the upside.
I haven’t been focused on the markets except for general sentiment for a while now since stocks have been much better for the account.
We could be in for something very, very special over the months and year or two ahead but that’s getting ahead of myself a bit.
I can’t predict, nor do I try to, the future but the past has been kind, especially the past year or so.
As for the precious metals, they had a solid week as to be expected after putting in a double bottom on the last possible day of 2013 but they are not where the money is at the moment.
That said, it’s not a bad place to add to or begin a physical metals position as I’ve said here recently.
Let’s check out the precious metals charts who are great, but very slow as they should, be at the moment to start this next long-term leg up.
Gold rose a nice 0.78% on the week. A nice move but nothing I’m interested in with so many stocks moving in a big way.
Gold has a lot of resistance levels and that will really slow it down in the years ahead but it is what it is, as much as I hate that saying.
First up is now at the 50 day moving average. Then we have $1,260, then the downtrend line, then $1,280.
Don’t kid yourself.
Just because gold has put in a double bottom doesn’t mean it’s going to the moon right away.
It’s going to take a long time, years, before we see new highs but when we do, the breakout should be explosive.
Silver gained 0.26% this week and is about to break its long downtrend line here.
Silver has some resistance at $20.50 but it shouldn’t take more than a few days to break that and move it towards much more significant resistance level at $21.50.
Great action so far as it follows gold off its double bottom.
The slower the better as we move away from this low.
Platinum rose 1.66% this past week and is moving nicely away from the $1,420 resistance area.
The 200 day moving average is here and should be a little resistance but this move looks like it will take us to $1,460 before any major consolidation of more than 3 days.
Great action for sure as this and the rest of the precious metals follow gold’s lead.
Again though, these are not my focus.
I am focused on what will make me the most money and precious metals are not that at this time.
Palladium rose 2.54% for the week and showed great action after consolidating under $745 and now breaking out.
We shouldn’t take too long to move to $765 now.
All in all, the metals are working great but personally I’d not try to trade it, rather, I’d accumulate physical metals.
Enjoy your weekend after this spectacular week and hope for more.
When things are good it’s time to really focus. You can literally make your year in only a few weeks or less.
In my free, nearly weekly newsletter I include many links and charts which cannot always be viewed through sites which publish my work. If you are having difficulties viewing them please sign up in the right margin for free at http://www.wizzentrading.com or send an email to firstname.lastname@example.org with “subscribe” as the subject and receive the newsletter directly in your inbox, links and all. If you would like to subscribe and see what my portfolio consists of please see here.
If you found this information useful, or informative please pass it on to your friends or family.
The free weekly newsletter “Wizzen Trading” does not purport to be a financial recommendation service, nor do we profess to be a professional advisement service. Any action taken as a result of reading “Wizzen Trading” is solely the responsibility of the reader. We recommend seeking professional financial advice and performing your own due diligence before acting on any information received through “Wizzen Trading”.
| Digg This Article
-- Published: Sunday, 12 January 2014 | E-Mail | Print | Source: GoldSeek.com